Bank First(BFC) - 2024 Q4 - Annual Results

Financial Performance - Bank First reported net income of $17.5 million, or $1.75 per share, for Q4 2024, a decrease from $34.9 million, or $3.39 per share, in Q4 2023[1][2] - Adjusted net income (non-GAAP) for Q4 2024 was $17.4 million, or $1.74 per share, compared to $14.8 million, or $1.44 per share, in Q4 2023[3] - Net income for Q4 2024 was $17,540,000, up from $34,898,000 for the full year 2023, showing a decrease in quarterly performance but an overall increase in annual performance[22] - Earnings per common share (basic and diluted) for Q4 2024 was $1.75, compared to $3.39 for the full year 2023, indicating a decline in quarterly earnings per share[22] - Adjusted net income (non-GAAP) reached $17,393 million, compared to $16,552 million in the prior period, reflecting a growth of 5.1%[24] Asset and Liability Growth - Total assets increased by $273.2 million, or 6.5%, to $4.50 billion as of December 31, 2024, compared to the previous year[11] - Total liabilities increased to $3,726,332 million from $3,534,615 million, showing a growth of 5.4% year-over-year[26] - Total assets grew to $4,495,060 million, compared to $4,294,498 million, marking an increase of 4.7%[23] - Total liabilities increased to $3,588,452 thousand in 2024, compared to $3,491,758 thousand in 2023, indicating a growth of approximately 2.8%[29] Loan and Deposit Growth - Total loans grew by $174.2 million, or 5.2%, to $3.52 billion year-over-year, with a 5.3% annualized growth rate in Q4 2024[13] - Total deposits rose by $228.2 million, or 6.7%, to $3.66 billion, with a 20.2% annualized growth rate in Q4 2024[13] - Loans increased to $3,517,168 million from $3,470,920 million, representing a growth of 1.3%[23] - Average loans for the period were $3,482,974 million, compared to $3,450,423 million, indicating an increase of 0.9%[23] Income and Expense Analysis - Net interest income for Q4 2024 was $35.6 million, an increase of $2.6 million from Q4 2023[6] - Noninterest income for Q4 2024 was $4.5 million, a decrease from $42.5 million in Q4 2023, which included a $38.9 million gain on the sale of UFS[9] - Total noninterest expense for the year ended December 31, 2024, was $78,767,000, down from $88,119,000 in 2023, reflecting a reduction of 10.6%[22] - Total noninterest expense for the period was $28,862 million, an increase from $20,324 million in the previous period, reflecting a growth of approximately 42.3%[23] Equity and Book Value - Stockholders' equity increased by $19.9 million to $639.7 million as of December 31, 2024, with a book value per share of $63.89[15] - Stockholders' equity rose to $619,784 thousand in 2024, up from $569,600 thousand in 2023, representing an increase of approximately 8.8%[29] - Book value per common share improved to $63.89 from $62.82, an increase of 1.7%[23] - Tangible book value per common share (non-GAAP) rose to $44.28 from $43.07, reflecting a growth of 2.8%[23] Interest Income and Margin - Interest income for Q4 2024 was $53,754,000, an increase from $48,663,000 in Q4 2023, representing a growth of 10.4% year-over-year[22] - Net interest income after provision for credit losses for Q4 2024 was $36,561,000, compared to $32,416,000 in Q4 2023, reflecting a year-over-year increase of 12.5%[22] - The net interest margin (NIM) was 3.61% for Q4 2024, down from 3.76% in the previous quarter and up from 3.53% in Q4 2023[7] - The net interest margin for the year ended December 31, 2024, was 3.65%, slightly down from 3.69% in 2023[29] Credit Quality - Provision for credit losses for the year ended December 31, 2024, was $(800,000), a significant improvement from $4,682,000 in 2023, indicating better credit quality[22] - Nonperforming loans to total loans ratio improved to 0.24%, compared to 0.32% in the prior period[24] - The allowance for credit losses to total loans was 1.26%, consistent with the previous period[24] - The allowance for loan losses was $44,511 thousand as of December 31, 2024, compared to $41,714 thousand in 2023, indicating a slight increase in provisions for potential loan losses[28] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[21]